While the topic of debt isn’t an exciting dinner conversation for most, the universal desire to achieve financial stability opens the door to a way to make paying bills easier: refinancing. Whether you have been met with a different financial situation in 2021 or are just paying too much interest on your current loans, a fresh loan solution may be the answer to your problems.
So what are the benefits of refinancing? Depending on the type of loans you are currently paying off, refinancing with Members 1st could be a sound option for lower interest rates and better terms. Here’s how you can save this year on vehicle, credit card, and personal loans.
Vehicles
Back in 2020, Experian released a quarterly report that gave a breakdown of what an average vehicle loan rate looked like. According to their findings, the average auto loan rate for a new car was 5.15%, and a typical used car loan carried an interest rate of 9.69%.
If your current vehicle or motorcycle loan rate seems abnormally high, you’re definitely not alone — and it could be time to make the switch to a financial institution that prioritizes your need to save. At Members 1st, you can expect vehicle loans with rates as low as 2.5%* — a big difference in what your monthly payment will look like if your current rate reflects Experian’s quarterly average.
VISA® Credit Cards
Medical bills, a financial emergency, or job loss are just a few of the common reasons as to why you could find yourself with a heavy amount of credit card debt. While paying off your balance each month or sticking to a debit card sounds like an easy way to maintain financial stability — life happens. If credit card payments are starting to feel unmanageable, high interest rates are probably deterring you from finally living life debt-free.
Consider transferring your balances from multiple credit cards to a single VISA® Credit Card with low interest rates. One monthly payment and zero balance transfer fees mean you can work on making a dent in your credit card balances — and gain peace of mind knowing your payments aren’t padded with extra hidden costs.
Personal Loans
Maybe your credit score has improved since that last time you took out a personal loan. Or perhaps you just wish to pay off the loan faster. Either way, refinancing your personal loan allows you to pay back what you owe with better terms, lower interest rates, and consolidation options that will alleviate financial stress.
By refinancing a personal loan or loans with Members 1st, you can borrow up to $20,000 and take up to 60 months to repay what you owe. On top of all of that, you can calculate your rates with the click of a button — bring on the savings!
When it comes to debt of any form, high interest rates make it tough to reach your ultimate goal: paying off your loans in full. Make the switch to Members 1st and take advantage of our fresh loan solutions today.